Matt Le Tissier has urged Southampton boss Ronald Koeman to sign striking reinforcements before the transfer window closes.
Manager Arsene Wenger has no knowledge of a potential takeover at Arsenal - but insists that is a concern only for owner Stan Kroenke and whether he wants to sell up.
Reports have emerged claiming a Middle East consortium are preparing a £1.5billion bid to buy out the Barclays Premier League club at around £20,000 a share.
However, sources close to the Arsenal board on Sunday morning maintained there had been no approach, informal or otherwise, to the American owner, who remains "in it for the long term".
Kroenke pushed through his £430million-plus takeover in April 2011, and now holds 66.83% overall control. The Kroenke Sports Enterprise Group has a history of sustained involvement in all of his sports interests in the United States, which include NBA side Denver Nuggets and NHL outfit Colorado Avalanche as well as the Major League Soccer club Colorado Rapids.
Wenger claimed he knew nothing of the rumours when asked following Sunday afternoon's 2-1 defeat at Tottenham, which leaves Arsenal in real danger of missing out on Champions League qualification next season.
"I don't know anything about it, I heard it like you [in the newspapers]," said Wenger.
"You are only vulnerable if you want to sell and you need money. (However), that doesn't concern me at all, that is down to the owners."
Uzbek oil magnate Alisher Usmanov remains Arsenal's second largest shareholder with 29.96%, but does not currently hold a seat on the board.
Reports suggest if successful in a potential takeover, the consortium - said to be backed by funds from Qatar and the United Arab Emirates - would be ready to work with Usmanov's Red & White Holdings to help drive the Gunners back to the top of European football, vowing to slash ticket prices and stop the sale of star players such as former captains Robin van Persie and Cesc Fabregas.
Arsenal have not won a trophy since the 2005 FA Cup, during which period Wenger has long championed the club's self-sustaining policy and the need for UEFA's new Financial Fair Play regulations.